Belly Up

The belly of the curve is still the best discounting metric around in our opinion. Rates have shifted in front of the over-hyped release. The trade shifts to tactics now as risk/reward now bumps up against random electronic volatility. We are attempting to sit on our hands for Unenjoyment and evaluate better location for NAPM (such a better acronym). The Fed's "Jawboning the US" Spring Tour continues today. Future dates can be tracked on the back of the souvenir T-Shirt.